Sep 12,2008
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NIFTY closes at 4290.30. Sensex closes at 14324.29.

Market is in consolidation phase. Nothing significant has happened yet to suggest a move out of this consolidating phase. World market trends may help NIFTY to move down today.

4133.70 is the next support levels. NIFTY has to pierce 4573 to 4590 resistance level if it has to move up.

OPEC President Chakib Khelil, called on members to stop producing more than the group's quota - 28.8 million barrels limit - after prices plummeted to (around) $100 per barrel. Current production level is 520,000 barrels.

Stay cautious on the crude front. Don't be too much euphoric on the fall of crude prices.